Clive Capital, the world's largest commodity hedge fund, lost more than $400 million due to the collapse of the price of oil last week, according to the Financial Times on Sunday.

The London-based fund, which manages an estimated $5 billion of client money, is the largest of several hedge funds believed to be impacted by the unexpected sell-off, the newspaper said.

Clive said it was down 8.9 percent on the week after what it called "extraordinary" price movements on Thursday, according to a letter sent to investors on Friday and seen by the Financial Times.